Saudi and Russian Ministers Seek Energy Stability
Saudi Energy Minister Prince Abdulaziz bin Salman met with Russian officials in St Petersburg to emphasize the need for energy security as conflict-driven supply cuts impact global markets. Despite the exit of the UAE from OPEC and significant infrastructure damage in the Gulf, OPEC+ members plan to discuss a potential output target increase for July.
Saudi Arabia and Russia called for global energy stabilization on Thursday as conflict-driven supply disruptions send oil prices higher. The meeting at the St Petersburg International Economic Forum comes as wars involving Iran and Ukraine force unprecedented export cuts from top producers. The ability of OPEC+ to manage a fractured market now faces its most significant test as supply disruptions reach historic levels.
